Legal & General was formed back in June 1836 by Sergeant John Adams and five other lawyers in a coffee shop on Chancery Lane in London. It was originally called the New Law Life Assurance Society. The group expanded in the UK and soon began to acquire overseas life insurance companies. The society became a wholly owned division of Legal & General Group plc in the 1970s.
Legal & General offer a comprehensive Life Insurance policy with an unlimited maximum benefit. You can add Critical Illness cover to the policy for an extra fee and this comes with automatic child cover.
Includes life cover and terminal illness cover Critical Illness cover can be added at an additional cost
Policyholders age You can take out a policy between 18 and 77 years of age.
Types of cover available Level Term, Decreasing Team, Increasing Term Cover and Family Income Benefit policies.
Policy Term the length of time your policy can run for can be between one and 50 years.
Maximum Age the policy must end before you turn 90
Available options with Aviva Life Insurance
|Life Insurance||Aviva Options|
|Types of Cover offered||
|Minimum Age Entry||18 years old|
|Maximum Age Entry||
Level or Increasing Life Insurance: 77 years old
Decreasing Life Insurance: 74 years old
Level or Increasing Life and Critical Illness Cover: 67 years old
Life Insurance: Unlimited
|Terminal Illness Cover||Yes (after 2 years of policy)|
A Term Life Insurance policy does not provide a cash sum if you are still alive at the end of the term. Premiums tend to be lower for such policies as the majority will out-live their policy. Term Life Insurance policies are generally taken out by people who do not want to leave any financial burden on their family such as mortgage payments.
Both policies will pay out a lump sum upon your death at any age. Generally speaking, Whole of Life cover tends to have cheaper premiums over an Over 50’s plan as you have to disclose your medical information. The most cost effective option for you depends on whether you would benefit from your medical history being disclosed or not. Although the premiums of a Whole of Life policy tend to be lower, you will pay the premium until you pass away, whereas Over 50s plans often have an upper age limit. While your cover will remain, you are no longer required to make payments - usually when you reach 90 years old or the 30th anniversary of your policy.
Yes, should you suffer a serious illness Critical Illness cover will pay out a tax-free sum. This can be an add on to your Life Insurance policy or bought separately. Speak to one of our expert advisors to find out which policy would best suit your needs.
Setting up a Life Insurance policy is designed to protect loved ones and writing the policy into trust goes a step further in achieving this goal. This enables you to select who would hold the money for your children until they reach a certain age should you die. This will often be a partner, sibling or close friend as they will have a legal responsibility to carry out the wishes of the person creating the trust.
Life Insurance is a risk-based product and so with the significant health impacts that smoking can have on a person, the insurance companies will charge someone a higher premium should they smoke. A smoker is usually defined as someone who has used any nicotine product in the last 12 months although some insurance companies have changed this to longer periods. If you took a policy while smoking and you no longer smoke, you should contact us to review your policy.
Vaping is a recent trend which insurance companies and health bodies have had to educate themselves on. The vast majority of e-cigarettes still contain a level of nicotine which can be addictive and so anyone who uses such products will still be classed as a smoker.
Most people tend to like the idea of their premium never changing as it provides stability and peace of mind – these are known as guaranteed premiums. Reviewable premiums are sometimes opted for whereby the premium can start at a lower amount but increase over of the course of the policy.
No, your insurance payout will not be liable for tax.
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Our unparalleled team of friendly, expert advisers are on the end of the phone, ready to guide you easily through the whole process. They will get to know your unique individual requirements, do all the hard work comparing prices and policies for you; then advise on the best and most cost-effective quote.